The prices of Jeera have been in an uptrend since 17th June, 2011 and it rallied to a high of Rs 16948 levels as on 25th Jul, 2011.
But, the prices have witnessed a corrective move over the past few sessions of trade from its recent highs.
Some of the key technical factors to be noted over here are that the price has corrected to the 38.20% Fibonacci Retracement support levels on its daily charts and it has also taken support at its key near term & short term moving averages and has show some upside momentum over the past two sessions of trade.
Hence, we believe that the corrective move has halted and thus the prices are now ready to rally towards its previous highs.
We recommend traders to buy 50% between Rs 16125 — Rs 16050 levels and again on dips to Rs 15875 -- Rs 15820 levels with a stop loss placed below Rs 15697 levels for upside targets of Rs 16400 / Rs 16625 levels.
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